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The Siam Cement Group of Bangkok borrowed EUR 1 2 . 5 million for one year on February 1 4 , 2 0 2 0

The Siam Cement Group of Bangkok borrowed EUR12.5 million for one year on February 14,2020, short-term financing provided by a European customer. The interest rate was a low 6.5%. The problem, however, was that the exchange rate between the Thai baht (THB) and the euro (EUR) changed from THB33.86=EUR1.00 on February 14,2020 to THB36.327=EUR1.00 on February 16,2021, when the loan repayment was due. In the end, what was the interest rate paid by Siam Cement in its own currency, Thai baht?

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